Despite the softer transactions volume in this asset class, the average psf price rose 3.6% h-o-h to $2,121 psf in 1H2026, according to Urban Redevelopment Authority (URA) Realis data cited by PropNex. That said, this is almost unchanged y-o-y from the $2,148 psf average recorded in 1H2025.
PropNex attributes the h-o-h psf price growth to “tight supply” of GCB assets in Singapore, while demand remains firm due to the appeal of this asset class among ultra-high-net-worth individuals (UHNWIs). “While transaction activity is likely to remain influenced by broader macroeconomic conditions, GCB prices are expected to remain relatively stable,” reads PropNex’s 11-page report.
The generally robust financial position of both GCB buyers and sellers also supported GCB prices in 1H2026, based on research led by Wong Siew Ying, head of research and content at PropNex Realty.
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However, actual GCB transaction activity may have been higher than reflected in URA’s data, as some deals may not have been caveated.
For instance, a freehold 23,979 sq ft GCB at Tanglin Hill within the Ridley Park GCB area changed hands for $76 million in February this year, but the transaction was not captured in the caveated data, says PropNex.
The property was sold by Chrissy Luo, co-founder of Shanda Group, a China-based gaming and media investment firm. Based on the land area, the transaction reflected a price of $3,169 psf.
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Other non-caveated GCB transactions include a plot along Nassim Road, which changed hands for $92 million in March 2026. Former Sincere Watch executive chairman Tay Liam Wee sold the 23,922 sq ft freehold site to Ian Tan, founder and medical director of V Medical Aesthetics Group, at $3,846 psf.
Based on caveats lodged with URA, the most expensive transaction was the sale of a 14,264 sq ft bungalow along Nassim Road for $64.9 million. “With a land area of 14,264 sq ft, the purchase price reflected a land rate of $4,550 psf, setting a new record for caveated GCBs on a price-per-land-area basis,” adds PropNex.
Situated within the exclusive Nassim Park GCB area, the corner plot is located near the Singapore Botanic Gardens. The buyer is understood to be Shiv Puri, entrepreneur, philanthropist and founder of boutique investment firm TVF Capital Advisors, according to PropNex. The property was sold by John Chow, a non-executive director at Wing Tai Properties.
Separately, another notable caveated transaction involved two adjoining GCB properties in Belmont Park. The properties were acquired by members of the Ong family behind Lian Beng Group in separate transactions, with a combined value of about $60 million. The two properties occupy a total land area of 41,741 sq ft, reflecting an average land price of around $1,437 psf. According to media reports, the ageing bungalows were sold separately by an aunt-and-niece pair and are understood to be earmarked for redevelopment.
Prestige landed homes segment
Meanwhile, momentum in the prestige landed homes segment remained “fairly resilient” in 1H2026, according to PropNex.
The segment, which comprises landed homes valued at more than $10 million, recorded 82 transactions worth nearly $1.2 billion in 1H2026, down 12.1% h-o-h from 94 transactions worth over $1.3 billion in 2H2025. That said, this was up nearly 20% y-o-y from 72 deals worth some $990 million in 1H2025.
Transactions within higher price brackets also increased y-o-y. Properties valued above $15 million accounted for 32.9% of transactions, up from 16% in 2H2025. Deals above $30 million accounted for 2.4% of total transactions, up slightly from 2.1% in 2H2025.
Meanwhile, homes priced between $10 million and $15 million fell from 74.5% in 2H2025 to 67.1% of all prestige landed deals in 1H2026.
Subdued leasing demand
Despite the relative resilience in sales activity, leasing demand for GCBs and other high-end landed homes has remained subdued, says PropNex. The agency attributes this to the heightened scrutiny of high-value transactions and tighter anti-money laundering (AML) checks introduced in August 2023.
Broader macroeconomic uncertainties have also weighed on demand for luxury home rentals among expatriates and high-net-worth individuals (HNWIs), many of whom have become more cost-conscious in their housing decisions, notes PropNex. “Some tenants may have gravitated towards more affordable alternatives within the landed homes segment or even leasing options in private condominiums.”
Between January and May this year, 1,771 landed home leasing contracts with a combined value of $18 million were signed, compared with leasing contracts worth nearly $17.4 million over the same period in 2025.
The highest-value landed home leasing deals in 1H2026 were jointly held by a detached house in Dalvey Estate and another along Cove Way in Sentosa Cove, both of which commanded a monthly rent of $65,000. This translates to an annual rental outlay of $780,000 for each property.
Looking ahead, PropNex expects rental growth in the private landed market to recover further in 2026, though “the pace may be measured”. “Lingering macroeconomic uncertainties could continue to weigh on business confidence and leasing demand for luxury homes”.
The recovery is supported by recent efforts by the Monetary Authority of Singapore (MAS) to streamline AML processes for private banking, which could reduce friction in onboarding HNWIs over time. This, in turn, is expected to further strengthen Singapore’s position as a global wealth management hub and support demand for luxury residential properties, adds PropNex.
Charts: PropNex
